Jandy Stevenson
Chairman at Henderson Loggie
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Insight
Welcome to our regular
e-newsletter, 'Insight', highlighting current issues that could be affecting you and/or your business, as well as technical updates to recent changes in tax legislation. |
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For further information on any of these topics please get in touch with your usual contact at Henderson Loggie.
If you're not currently one of our clients and would like further information please contact our enquiries team. |
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New Year Message
On behalf of all partners and staff at Henderson Loggie can I wish all our clients and contacts a very Happy New Year and every success in 2013.
As this is the traditional time to make New Year resolutions here are some tax planning resolutions which will help to minimise your personal and corporate tax liabilities, and in some cases will result in a tax repayment from HMRC.
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Top Tips for 2013
- Take advantage of the reduction in the 50% tax rate to 45% from 6th April 2013 by considering the timing of payment of bonuses, dividends or remuneration.
- Make full use of the increase in the ISA allowance to £11,520 from 6 April 2013.
- Consider tax efficient investment in new start-up companies to obtain 50% income tax relief on investment of up to £100,000 a year under the new Seed Investment Scheme (SEIS). Gains on the disposal of other assets in 2012/13 are also exempt from capital gains tax if reinvested in SEIS by 5 April 2013.
- Maximise your pension contributions prior to the reduction of the annual allowance from £50,000 to £40,000 from 6 April 2014.
- Review your Will to ensure you are taking advantage of all available inheritance tax exemptions and reliefs, particularly in relation to charitable donations which can reduce inheritance tax on your estate to 36%.
- Maximise the effect of the temporary tenfold increase (starting 1 January 2013) in the 100% Annual Investment Allowance from £25,000 to £250,000 by investing in plant and machinery.
- Consider electing into the Patent Box regime and benefit from the reduced corporation tax rate of 10% on UK and EPO patents from 1 April 2013.
- Improve cash flow by making Research & Development (R&D) claims in respect of innovative work (R&D widely defined).
- Start planning for pension auto enrolment, speak to your pension provider and ensure pension arrangements are in place before your staging date.
The tax teams in our four offices will be delighted to advise on any of these points or further issues of relevance to you. Please email your usual Henderson Loggie contact or enquiries@hendersonloggie.co.uk
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